Many businesses have invested in blockchain technology as it has grown enormously over the years. The demand increases many folds when bitcoin and other cryptocurrencies are dependent on it. Using this technology, anyone can carry out secure transactions with almost zero transaction fees.
Sensing the impact of cryptocurrency on the global market, many businesses have started accepting payments in Bitcoin. With blockchain development, you can also safely receive or send cryptocurrencies with other wallets. You can find a large number of reliable bitcoin wallet apps like BitPay, Airbitz, Copay, Paper wallet, etc. So, if you want a customized blockchain app for your Initial Coin Offering (ICO) or exchanges, it is necessary to know if it is worth the investment for your business. You should also know if you could afford it or not. So, this article will help you figure out how much blockchain app development will cost you.
Let’s first get started by understanding what all resources you will need:
The team who is developing the app is the major factor affecting your project as well as the budget. So, make sure that you hire blockchain developers who are skilled in developing the codes. Mostly, these developers charge average or median hourly rates. If you want to invest less, you can also outsource the task as the prices depend on many factors like country, the popularity of the company, skills, and experience of the developers, etc. However, in any case, it is advisable to consult a blockchain development company to get a better idea as to where this technology fits into your business.
The token is a crucial part of the successful blockchain technology. It is possessed by most of the blockchain projects. So, if you are willing to integrate this technology into your business, you need to stand out among the thousands of cryptocurrency by customizing your powerful cryptocurrency.
Firstly, you will need software developers, technology experts, marketing managers, and PR executives to launch your coin in the market. Other crucial things are investors to gain project credibility, consultants to guide your technology, communication channels to engage with customers.
You might also need to promote new cryptocurrency to gain profit. Your blockchain wallet app will be successful by conveying its importance, attracting the customer, showcasing your technology, etc. After strategizing a marketing tactic, you can start creating your blockchain network.
However, if you want to build hybrid blockchain technology, it takes around a month to develop the network with the help of C++, Python, Java, Solidity, etc. The type of technology affects the least at the cost. With different technical factors affecting, you need to have a budget of around $150,000-$200,000 to create a new cryptocurrency.
Moreover, you can work in REST API with client requirements for the web and mobile devices or else build an application that stands alone. You can consult a top blockchain app development company to understand what is best for your business as each approach has its pros and cons.
For everything you plan, you will need a dedicated developers team, a project manager, a business analyst, and a QA engineer. With the help of cryptocurrencies like Bitcoin, Ethereum and Litecoin, you can build a Minimum Viable Product (MVP) for a cryptocurrency wallet for around $40,000.
The value changes with the type of coins you add to your wallet application. As you know, the wallet app needs to be fully secure and hack-proof as it is financial software. So, it is crucial to implement advanced security features. Moreover, the security of the wallet, as well as the type of coins supporting it, also plays a part in differentiating the prices.
However, it is difficult to know the price of these wallet applications but we can get average estimates of the market. The cost of the blockchain development project can be from $5,000 to $200,000, depending upon the supporting platform and application scope. So, you need to consider multiple factors before choosing the right budget for your project. You could define the scope of your wallet, supporting platform, and security needs from the start of the project to get a close estimate of your blockchain application development.
How much does it cost to develop a blockchain App in 2020?